Thursday 23 November 2017

EIB investment funding in Ireland reached record €825m in 2016

University College Cork
University College Cork
Louise Kelly

Louise Kelly

The European Investment Bank (EIB) provided over €825m for long-term public and private sector investment across Ireland during 2016.

As the European Union's finance arm, the EIB provides low-cost funding for sustainable investment projects - mainly across Europe.

It is expected that hundreds of schools across the country  - in addition to academic and student facilities at leading Irish universities - will be transformed as a result.

Last year, a total of €350m was provided to upgrade outdated buildings and build state of the art new education and research facilities at primary and secondary schools as well as University College Cork and the Royal College of Surgeons.

Fourteen new Primary Care Centres are also currently being built across the country as Ireland became the first country in Europe to benefit from EIB backing of primary healthcare.

Furthermore, the EIB are expected to announce details of significant new support for social housing investment in Dublin and communities across Ireland and confirm the first support for forest investment in the country for 20 years.

Minister for Finance Michael Noonan welcomed the involvement of the EIB in Ireland in recent years, particularly last year.

"The consistent growth in Ireland’s economy and elevated levels of business confidence provide a compelling basis for investment in our evolving economic and social infrastructure," he said.

European Investment Bank Vice President Andrew McDowell said that the opening of the EIB's first permanent office in Dublin indicates an increase of the bank's engagement in the years to come.

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